Cornerstone OnDemand Names Jeff Lautenbach as President of Global Field Operations

PRESS RELEASE Businesswire

Dec. 6, 2017, 04:05 PM

Cornerstone
OnDemand (NASDAQ: CSOD), a global leader in cloud-based learning and human
capital management software, today announced the appointment of Jeff
Lautenbach as the company’s new president of global field operations,
effective January 2, 2018, as well as changes to its sales and services
organizations, as part of Cornerstone’s strategic plan to accelerate
revenue growth and increase operating margins.

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Jeff Lautenbach, Cornerstone OnDemand's new president of global field operations will start on January 2, 2018. (Photo: Business Wire)

Lautenbach brings more than 25 years of experience leading sales and
services teams to build, transform and scale cloud and SaaS businesses.
His extensive background includes running enterprise sales for North
America at Salesforce.com, serving as the chief revenue officer at
hc1.com and leading the global CRM business for SAP. He also spent most
of his early career with IBM, ultimately overseeing more than 1,300
sales and technical professionals that supported IBM’s software
business. Lautenbach most recently served as president of worldwide
field operations at Jive Software, where he led the company’s sales,
business development and indirect channels around the globe.

In his new role, Lautenbach will serve as one of the company’s executive
officers and oversee Cornerstone’s global sales, content and client
success functions. His focus will be on executing the company’s recently
announced strategic plan to accelerate Cornerstone’s revenue growth,
increase its operating margins, and enhance its global learning and
human capital management presence. Lautenbach will report directly to
Adam Miller, Cornerstone’s founder and CEO.

"Jeff’s extensive experience running global operations at scale will be
an incredible asset for us as we move to our next phase of growth. He
has an impressive track record developing and leading successful
go-to-market teams, and his expertise will be extremely valuable as we
create greater sales efficiencies and advance our evolution into a
high-margin growth software company,” said Miller.

"I am thrilled to be joining this world-class organization at this stage
of growth,” said Lautenbach. "With Cornerstone’s product innovation and
its talented team, I am confident we will accelerate growth and increase
margins as we scale.”

Cornerstone’s strategic plan includes migrating its enterprise delivery
professional services business to the company’s global ecosystem of
partners. To effect the migration, Cornerstone is augmenting its partner
operations and delivery assurance functions while reducing overall
headcount in its service delivery division, as partners take on the
majority of the company’s professional services work. This aligns with
Cornerstone’s sharpened focus on recurring revenue.

The strategic plan also calls for the company to more aggressively drive
operating margins and free cash flow, especially related to sales and
marketing. In furtherance of this objective, the company announced a
reduction in sales headcount, targeted at teams with the highest
customer acquisition costs.

Together, these changes represent a total workforce reduction of
approximately 6 percent globally.

"We believe these changes to our sales and services organizations are
critical to position the company for future success as we continue to
profitably scale the business,” commented Miller.

Separately, the company also announced that Kirsten Helvey, the
company’s chief operating officer, expects to exit the company at the
end of the first quarter of 2018. In her 15 years with the organization,
Helvey played a pivotal role in Cornerstone’s trajectory to become one
of the world’s largest cloud software companies.

"Kirsten’s contribution to Cornerstone over the last 15 years has been
immense. Her leadership and drive have had a profound impact on our
ability to grow into a global cloud leader, and she has been an
outstanding partner in shaping the world-class culture of our
organization,” said Miller.

"Cornerstone has been a phenomenal part of my life for the last 15
years,” said Helvey. "Together, we have accomplished so much, and I am
proud to have been a long-standing member of this amazing team. It has
been an incredibly difficult decision to leave, but I am looking forward
to the new chapter ahead.”

About Cornerstone OnDemand

Cornerstone OnDemand, Inc. (NASDAQ: CSOD) is a global leader in
cloud-based learning and human capital management software. The company
is pioneering solutions to help organizations realize the potential of
the modern workforce. From recruitment, onboarding, training and
collaboration, to performance management, compensation, succession
planning, people administration and analytics, Cornerstone is designed
to enable a lifetime of learning and development that is fundamental to
the growth of employees and organizations.

Based in Santa Monica, California, the company’s solutions are used by
more than 3,100 clients worldwide, spanning more than 33.5 million users
across 192 countries and 43 languages. To learn more about Cornerstone,
visit us on Twitter,
Facebook
and our blog.
www.cornerstoneondemand.com

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act, which are subject to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Statements relating to
the Company’s business strategy, plans and objectives for future
operations, the Company’s future financial and operating performance,
the size of the restructuring plan and the amount and timing of the
related charges, the expected appointment of an officer, and the
expected departure of an officer, are forward-looking statements that
involve a number of uncertainties and risks. Actual results may differ
materially from these statements and from actual future events or
results due to a variety of factors, which are described in reports and
documents the company files from time to time with the Securities and
Exchange Commission, including the factors described under the section
titled "Risk Factors” in the company’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2016 and Quarterly Report on Form
10-Q for the quarter ended September 30, 2017. Undue reliance should not
be placed on the forward-looking statements in this press release, which
are based on information available to us on the date hereof. Except to
the extent required by applicable law, the company disclaims any
obligation to update information contained in these forward-looking
statements whether as a result of new information, future events, or
otherwise.